Bioenergy from liquid biofuels and biogas will lead growth in renewable energy consumption to 2023, due to its rising use in the heating and transport sectors, according to the International Energy Agency.

Overall, renewable energy will continue to grow to 2023, accounting for 40% of energy consumption growth as countries cut their greenhouse gas emissions to try and keep global warming in check, Reuters reported.

While growth in solar and wind power is set to continue in the electricity sector, bioenergy will remain the largest source of renewable energy, the IEA said in an annual report on renewables.

“Modern bioenergy is the overlooked giant of the renewable energy field,” said Fatih Birol, the IEA’s executive director.

“Its share in the world’s total renewables consumption is about 50% today, in other words as much as hydro, wind, solar and all other renewables combined,” he added.

So-called modern bioenergy refers to liquid biofuels produced from bagasse - the pulpy residue from sugar cane - and other plants, biogas and other technologies.

Traditional bioenergy refers to the burning of biomass such as wood, animal waste and traditional charcoal.

The share of renewable technologies meeting global energy demand is expected to increase by a fifth to 12.4% in 2023.

China will lead global growth in renewable energy due to policies to reduce carbon dioxide emissions from all sectors and lessen harmful air pollution and will surpass the European Union as the largest consumer of renewable energy by 2023, the report said.

Of the world’s largest energy consumers, Brazil will have the highest share of renewables by far - almost 45% of total final energy consumption in 2023, driven by a significant contribution of bioenergy and hydropower.

OPEC may be about to succeed by accident, again. Unplanned supply losses from members Iran and Venezuela could effectively double the intended cutback of 800,000 bpd OPEC pledged last week, according to the International Energy Agency, Bloomberg reported.

Mobarakeh Steel Company (MSC), Iran’s largest steel company has produced 5.28 MnT crude steel during the 8 months of current Persian year (21 Mar-21 Nov’18). Crude steel production registered a growth of 12% Y-o-Y against around 4.60 MnT produced by MSC during the same period of last Persian year.

Iran, one of the largest billet exporter in MENA region is currently facing economic sanctions from US, owing to which the steel export has affected badly. Iran has exported 1,806,000 MT billet and bloom during the first seven months of current Persian year (21-Mar till 22-Oct’18).

Iran, one of the largest steelmaker in MENA has witnessed a sharp fall in graphite electrode imports. The nation, primarily produce steel through EAF, has imported 3,380 MT GE in Oct’18, registered a downfall of 60% M-o-M against 7,900 MT imported in Sep’18.

According to IMIDRO, Azerbayjani steel has bagged CE certification from Europe in order to export manufactured products to other countries, as well as to promote the brand and create an additional competitive advantage in the steel sector of the country.

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